Record travel expected as gas hits 14-year low

Record travel expected as gas hits 14-year low

Even though the price of gasoline in the district has decreased by 10 cents over a year, it remains higher at $2.43 than the national average of $2.24.

There's some good news for people planning on traveling for the upcoming Fourth of July holiday - gas prices are expected to be the lowest for the holiday weekend in more than a decade.

That increase in travel comes as gas prices hit a 14-year low, for this time of year in the Sunshine State.

Texas gasoline prices have gone down a nickel to settle at an average price of $2.04 per gallon. Refineries in the U.S have been working at near full capacity to get ready for what was expected to be a busy summer driving season, but demand has yet to come through as expected.

What's even more unusual is that gas prices have been down in June compared to January. Drivers can find gas for $2.24/gallon or less at 60 percent of gas stations in the U.S.

"It's unbelievable we're staring at some of the cheapest prices of the year as the holiday comes into view", said Patrick DeHaan, a Gasbuddy senior petroleum analyst.

The statewide average on Friday was $2.16, well below the national average of $2.24 as a record 44.2 million Americans prepared to head out for Independence Day weekend.

"We have low unemployment, we have high consumer confidence, we have low gas prices", Albert said.

"The fireworks started more than a month ago, when oil prices tanked, leading to sharp cuts in prices at the pump", AAA spokesman Mark Jenkins said.



Other news